Jim O'Neill, a former chairman of Goldman Sachs Asset Management and former Commercial Secretary to the UK Treasury, is Honorary Professor of Economics at Manchester University and Chairman of the Review on Antimicrobial Resistance.

Comments

There has been an important development concerning what happened in Japan during the Occupation and how it led to the so-called Japanese Economic Miracle and eventually to the East Asian Miracle. Industrial engineers like myself have long accepted that that it was the activity of the MacArthur’s Civil Communications Section (CCS) electrical communications engineers and in particular the two eight week-seminars known as “the CCS Seminars” they mounted in Tokyo and Osaka in 1949 and 1950. Writing on CCS till recently, was based mostly on the records of the three engineers: AT&T Bell Labs’ Frank Polkinghorn, Western Electric’s Charles Protzman and Homer Sarasohn of the RAD Lab at MIT. The most important of these records are now available on the web site of the Drucker Institute of Claremont Graduate University in California at http://goo.gl/jpY6iHThe new development is the recent discovery of two complete books giving credit to the CCS engineers by respected Japanese economists. They were unknown in the West being in Japanese and missed by search engines. Of immediate interest, is that by Prof. Goto, Toshio, Research Professor at Japan’s prestigious University of Economics: “Wasure Sarareta Keiei no Genten” (The Forgotten Origin of Japanese Management), 1999. He interviewed top Japanese executives who attended the course and explained why they were so enthusiastic about it. We thus have detailed testimony from both producers and customers of the CCS product and powerful lessons for currently developing nations. Let me commend new students of CCS to “A lesson learned and a lesson forgotten” by Robert Chapman Wood from FORBES at: http://tinyurl.com/ccsFORBESRead more

The BRICS are geographically nonidentical, Historically hugely divers. But, if this Baskets of diversity goes hurtles and gels thoroughly Can become Most Powerful ( At present Most unlikely ) Confederation. The times of 2008, when gave impetus to this set up has underlying aspiration to dethrone US $ Hegemony And Use Weak EU setup. If these, set up continuous even beyond Pres. Putin then shall indicate emergence of Political resolve of highly bureaucratised States. Read more

Good article and outstanding effort. If democratic governments are to address long-term issues (i.e. well beyond a single election cycle) then much more of these kinds of single issue and apolitical commissions are needed in the future.

Jim O'Neill was the one who coined the term BRICS (standing for Brazil, Russia, India, China) 15 years ago while he was chairman at the Goldman Sachs. South Africa joined in 2010 and added the "S" to the acronym. O'Neill admitted that it didn't make sense to him, because South Africa is an economic dwarf compared to Mexico, South Korea and Turkey, which were left out in the cold. It's gross domestic product only amounts to one-sixteenth of China's output. It explains why O'Neill leaves South Africa out in this commentary.The author defends his creation, dismissing the "suggestion that the BRICS’ importance was overstated," saying he is right about "the size of the original four BRICs economies, /which/ taken together, is roughly consistent with the projections /he/ made all those years ago." The five control one quarter of the world’s land mass and account for more than 40% of its population. According to the IMF in 2014, there was much euphoria that the world's fastest growing emerging economies of Brazil, Russia, India and China would contribute 60% - currently around $16tn - of global GNP. Their growth at breakneck speed was widely welcome as economies in the West had been hit by the world financial crisis, while Asian and South American economies had emerged from the wreckage with their banking systems intact.O'Neill says both Russia and Brazil now account for a similar share of global GDP as they did in 2001." Russia currently ranks 14 among the world’s largest economies. Brazil, "for all of its considerable problems, is higher in the world ranking today than even /he/ had envisaged back then." India is not moving forward and needs "structural reforms," but it has the potential "to achieve a sustained period of Chinese-style double-digit economic growth" . O'Neill is and has always been bullish about China's success, "which, despite its recent slowdown, has far exceeded expectations. If the economy grows at an annual rate of around 6% for the remainder of the decade, it will fulfill /his/ 20-year projection."Although the author believes that developing countries can continue to prosper while the West struggles to emerge from recession, in recent years Brazil, Russia, India, China and South Africa seem to be failing to justify predictions that - separately and together - they would dominate the 21st century world. The problems that the five face are remarkably similar, although each of them is different. Russia and Brazil have both slid into recession, while China, the principal engine of global economy, has seen a sharp decline in growth on the whole.As someone who seeks to promote closer ties to China, O'Neill insists that it is in everybody's interest to let China succeed, saying many countries in the world would benefit from "a dynamic Chinese economy," especially those that can export the goods and services that a more modern, consumer-driven China needs." He thinks the rise of consumerism in China "may well be the most important single global economic variable today - even more important than, say, the economic problems afflicting Europe and Japan or questions about India’s enduring global relevance."Given their sheer size, vast human and material resources, it would be unwise to write off the BRICS, especially as a declining US turns more inward and confidence in Europe falters. Yet the obstacles to "the BRICS’ growth and development are many, including health threats....... educational challenges, inadequate representation in global governance bodies, and a number of short-term cyclical problems." The author urges "policymakers worldwide /to/ commit themselves to dismantling these barriers, and enabling the BRICS to fulfill, finally, their true potential." But economic performance cannot be the only measure of success or failure. To gain their rightful place in the 21st century, they must create more open, accountable, and trustworthy forms of governance. In China and Russia it may just be wishful thinking.﻿ Read more

AS BRICS represent a large portion of the worlds population and resources, it appears various groups consider it a threat to their financial domination of world trade.Complaints that these countries have their own agendas are perusing them regardless of other vested interest as starting to multiply.Hence, we can sit back are enjoy the show. Read more

One of the other 'threats' to the role which the BRICS might play in world affairs is the fact that Russia, and to a lesser extent China, are pursuing their own geopolitical, security interests in ways which undermine world. I refer to Russia's actions in ?Crimea, Ukraine, and Syria. And to China's in the East and South China Sea. It is unlikely that either country will readily alter its course right now. Thus, their roles in promoting economic growth will be circumscribed in significant ways. Read more

PS On Air: The Super Germ Threat

NOV 2, 2016

In the latest edition of PS On
Air
, Jim O’Neill discusses how to beat antimicrobial resistance, which
threatens millions of lives, with Gavekal Dragonomics’ Anatole Kaletsky
and Leonardo Maisano of
Il Sole 24 Ore.

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